1. Forex Preview: GBP Plunges on Weak Data
GBP saw some key releases this morning with the U.K. GDP and industrial and manufacturing output and goods trade balance numbers coming in weaker than expected and pushing the GBP lower against its rivals. Meanwhile, the USD is holding its ground for the moment awaiting the next impact in the trade war situation. Elsewhere, the EUR could see some upside after reports surfaced that the new ECB president Lagarde is pressured by members of the governing council for a policy overhaul, which would be a completely new and meaningful development that could strongly impact the EUR to the upside. Due to a public holiday in the US and Canada, we should expect lower liquidity today, nonetheless, there seem to be enough driving market factors to consider this week, so make sure to stay ahead of the markets with the BDSwiss Economic Calendar.
2. Gold Set to Rise as Phase 1 Deal Becomes Increasingly Uncertain
Global bourses edged lower on Monday morning amid dampening optimism as the possibility of a Phase 1 deal faded. Specifically, comments by Peter Navarro that a tariff rollback was never an option, were somewhat clashing with comments from Larry Kudlow that if a Phase 1 Deal reached there would be tariff rollbacks and concessions. With uncertainty taking over the markets once more, safe-havens are set to rise with XAU/USD being an interesting buy-the-dip opportunity at the moment.
3. Oil Prices Set to Dip Further
Oil prices could face further downside for a multitude of reasons. First Iran seems to have discovered a new large oil field of 53 billion barrels according to their own announcements. Secondly, the Aramco IPO seems to be far from where it was planned to launch, especially given the continuously decreasing global oil consumption outlook and the constant trade war uncertainty. Today, Brent crude was last down 60cents, or 0.7%, while U.S. crude dipped more than 1% as of 9:05 GMT.
You can find and trade CFDs on all of the above-mentioned assets on BDSwiss Forex/CFD platforms.
Investing Nov 11, 2019 7:33 AM ET
Bloomberg Nov 11, 2019 6:45 AM ET
Reuters Nov 11, 2019 05:58 AM ET